Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WY	Weyerhaeuser Company	5,042,034	$184M	9.1%	$19.43	+39.3%	COM	962166104
—	Forest City Enterprises Inc. CL A	7,186,748	$164M	8.1%	$21.32	—	CL A	345605109
—	Brookfield Asset Mgmt. CL A	4,019,577	$163M	8.1%	$35.23	—	CL A LTD VT SH	112585104
LEN	Lennar Corp.	2,627,183	$138M	6.8%	$37.07	+29.5%	COM	526057104
FPH	Five Point Holdings LLC - CL A	8,676,526	$97.61M	4.8%	$13.34	-5.9%	COM	33833Q106
RYN	Rayonier Inc.	2,367,798	$91.61M	4.5%	$28.39	—	COM	754907103
MAC	The Macerich Company	1,580,774	$89.84M	4.5%	$60.48	—	COM	554382101
HCC	Warrior Met Coal Inc.	2,515,767	$69.36M	3.4%	$26.61	-1.0%	com	93627C101
TDW	Tidewater Inc.	2,259,154	$65.36M	3.2%	$26.49	+18.1%	COM	88642R109
—	PNC Financial Services Group 2018 Warrants	896,250	$61.77M	3.1%	$19.30	—	W EXP 12/31/2018	693475121
VNO	Vornado Realty Trust	833,430	$61.61M	3.1%	$84.79	—	SH BEN INT	929042109
FR	First Industrial Realty Trust, Inc.	1,705,022	$56.85M	2.8%	$16.71	—	COM	32054K103
AKR	Acadia Realty Trust	1,828,506	$50.05M	2.5%	$24.60	—	COM SH BEN INT	004239109
CMA	Comerica Inc.	537,840	$48.9M	2.4%	$25.85	+160.8%	COM	200340107
LEN/B	Lennar Corp - Class B	1,098,003	$46.87M	2.3%	$38.85	-4.2%	CL B	526057302
LOW	Lowe's Companies Inc.	479,719	$45.85M	2.3%	$32.49	+142.2%	COM	548661107
TRC	Tejon Ranch Co.	1,847,154	$44.89M	2.2%	$26.22	-5.5%	COM	879080109
BK	Bank of New York Mellon Corp.	781,948	$42.17M	2.1%	$21.22	+110.0%	COM	064058100
—	Alleghany Corp.	70,805	$40.71M	2.0%	$414.02	—	COM	017175100
TPHS	Trinity Place Holdings	4,934,510	$32.32M	1.6%	$9.42	-27.7%	COM	89656D101
UHAL	Amerco	87,438	$31.14M	1.5%	$36.72	-5.3%	COM	023586100
ZION	Zions Bancorporation	563,711	$29.7M	1.5%	$28.85	+91.3%	COM	989701107
WTM	White Mountains Insurance Group	28,745	$26.06M	1.3%	$596.67	+47.6%	COM	G9618E107
—	Ocean Rig UDW Inc.	820,373	$24.18M	1.2%	$25.23	—	COM	G66964118
FNF	FNF Group	543,269	$20.44M	1.0%	$15.26	+72.4%	COM	31620R303
—	Aspen Insurance Holdings Ltd	408,472	$16.63M	0.8%	$43.05	—	SHS	G05384105
—	HAWAIIAN HOLDINGS INC	398,880	$14.34M	0.7%	$35.95	—	COM	419879101
—	Seritage Growth Properties	291,300	$12.36M	0.6%	$37.41	—	Com	81752r100
JBGS	JBG Smith Properties	322,037	$12.09M	0.6%	$34.21	—	REIT	46590V100
ICFI	ICF International, Inc.	145,065	$10.31M	0.5%	$30.93	+119.4%	COM	44925C103
MYRG	MYR Group Inc.	283,548	$10.05M	0.5%	$30.24	+16.9%	COM	55405W104
PB	Prosperity Bancshares Inc.	125,024	$8.547M	0.4%	$47.95	+20.4%	COM	743606105
—	Cubic, Corp.	132,450	$8.504M	0.4%	$46.06	—	COM	229669106
SMHI	Seacor Marine Holdings Inc.	357,650	$8.247M	0.4%	$17.18	+32.1%	COM	78413P101
FCN	FTI Consulting Inc.	134,168	$8.115M	0.4%	$36.84	+57.5%	COM	302941109
CSW	CSW Industrials Inc.	150,348	$7.946M	0.4%	$30.94	+48.0%	COM	126402106
TTEK	Tetra Tech, Inc.	131,733	$7.707M	0.4%	$5.19	+105.9%	COM	88162G103
CBSH	Commerce Bancshares, Inc	108,051	$6.992M	0.3%	$23.71	+77.4%	COM	200525103
VC	Visteon Corp.	53,052	$6.857M	0.3%	$66.40	+87.3%	COM	92839U206
ARCO	Arcos Dorados Holdings, Inc.	971,150	$6.75M	0.3%	$7.04	+0.1%	SHS CL A	G0457F107
TPH	Tri Pointe Group Inc.	410,900	$6.723M	0.3%	$12.37	+37.5%	COM	87265H109
—	BMC Stock Holdings, Inc.	320,727	$6.688M	0.3%	$20.76	—	Equity	05591B109
SBSI	Southside Bancshares Inc.	198,385	$6.682M	0.3%	$26.35	+30.6%	COM	84470P109
CFR	Cullen Frost Bankers, Inc.	60,800	$6.581M	0.3%	$44.57	+101.5%	COM	229899109
KALU	Kaiser Aluminum Corp.	62,678	$6.526M	0.3%	$48.75	+67.1%	COM PAR $0.01	483007704
—	Legg Mason Inc.	187,411	$6.509M	0.3%	$42.49	—	COM	524901105
EME	EMCOR Group, Inc.	82,107	$6.255M	0.3%	$37.04	+103.3%	COM	29084Q100
UMBF	UMB Financial Corporation	81,612	$6.222M	0.3%	$57.20	+34.4%	COM	902788108
—	SP Plus Corp.	166,523	$6.195M	0.3%	$26.91	—	COM	78469C103
FIX	Comfort Systems USA Inc.	134,697	$6.17M	0.3%	$28.23	+50.9%	COM	199908104
ATNI	ATN INTERNATIONAL INC	115,053	$6.072M	0.3%	$46.57	0.0%	COM	00215F107
PRSU	Viad Corp.	108,528	$5.888M	0.3%	$24.83	+111.5%	COM	92552R406
SEB	Seaboard Corp.	1,415	$5.608M	0.3%	$3276.13	+20.8%	COM	811543107
PNC	PNC Financial Corp	41,249	$5.573M	0.3%	$66.39	+68.1%	COM	693475105
CSGS	CSG Systems International, Inc.	130,543	$5.336M	0.3%	$29.66	+21.9%	COM	126349109
UNF	UniFirst Corporation	30,002	$5.308M	0.3%	$89.73	+82.4%	COM	904708104
AMN	AMN Healthcare Services Inc.	87,749	$5.143M	0.3%	$38.28	+55.9%	COM	001744101
WSBC	Wesbanco Inc.	111,300	$5.013M	0.2%	$38.56	+17.5%	COM	950810101
G	Genpact Ltd.	162,066	$4.689M	0.2%	$16.47	+71.8%	COM	G3922B107
ALCO	Alico, Inc.	140,451	$4.453M	0.2%	$35.16	-23.4%	COM	016230104
ALG	Alamo Group, Inc.	46,706	$4.221M	0.2%	$39.86	+144.5%	COM	011311107
DB	DEUTSCHE BANK AG-REGISTERED	322,000	$3.42M	0.2%	$15.28	-26.9%	COM	D18190898
DORM	Dorman Products, Inc.	43,600	$2.979M	0.1%	$47.50	+41.9%	COM	258278100
CSWC	Capital Southwest	150,348	$2.723M	0.1%	$4.41	+56.6%	COM	140501107
FRPH	FRP Holdings Inc.	36,211	$2.345M	0.1%	$25.38	+15.4%	COM	30292L107
SMP	Standard Motor Products, Inc.	46,947	$2.27M	0.1%	$39.21	+19.4%	COM	853666105
CCS	Century Communities Inc.	71,671	$2.262M	0.1%	$18.79	+53.1%	COM	156504300
—	Comerica Inc 2018 Warrants	33,300	$2.069M	0.1%	$13.70	—	W EXP 11/14/2018	200340115
—	Sanderson Farms Inc.	15,407	$1.621M	0.1%	$105.21	—	COM	800013104
—	CEDAR REALTY TRUST INC	225,328	$1.064M	0.1%	$4.95	—	COM	150602209
—	Catchmark Timber Trust Inc.	80,000	$1.019M	0.1%	$10.28	—	REIT	14912Y202
—	Front Yard Residential Corporation	65,000	$678K	0.0%	$10.43	—	Com	35904G107
NXRT	NEXPOINT RESIDNL TR	17,300	$493K	0.0%	$18.20	—	COM	65341D102
GRBK	Green Brick Partners	50,000	$490K	0.0%	$10.95	0.0%	com	392709101
—	Jernigan Capital	25,000	$477K	0.0%	$19.08	—	Com	476405105
—	Total Fina ELF S A ADR	813	$50,000	0.0%	$50.89	—	ADR	89151E109